The Hindu Business Line : HOV gets offer for overseas arms

Pune, June 6 The Pune-based HOV Services Ltd has informed BSE that the board of directors has approved a material transaction proposal wherein the company has received an offer of approximately $202 million to purchase 100 per cent of its wholly owned subsidiary HOV Services, LLC and its Hong Kong subsidiary from a company controlled by some of company’s promoters and shareholders.

Talking to Business Line, Mr. Jim Reynolds, Global CFO said an independent board with outside advisors would be evaluating the proposal to determine whether the price offered, Rs 170 per share, would be a fair one. “Once the independent board and the advisors agree, then the legal procedures would begin and it is expected that the deal would be put up to the shareholders and I expect this to happen by September this year,” he said.

Commenting on the performance of the company, he said for the fiscal ended March 2008, the consolidated total income had increased to 263 per cent to touch Rs 907.99 crore from Rs 250.33 crore for the corresponding period last year.

HOV Services is a BPO company, which provides finance and accounting services in the BFSI, healthcare, government, Telco, publishing, retail, commercial and industrial manufacturing industries

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